In recognising the need for the highest standards of corporate behaviour and accountability, the directors of Edgo Energy seek to adhere to principles of good corporate governance. The Board of Directors has developed and adopted corporate policies as set out below:
Board of Directors
The primary responsibilities of the Board include:
- Formulation and approval of the strategic direction, objectives and goals of the Company.
- Monitoring the financial performance of the Company, including approval of the Company’s financial statements.
- Ensuring that adequate internal control systems and procedures exists and that compliance with these systems and procedures is maintained.
- The identification of significant business risks and ensuring that such risks are adequately managed.
- The review of performance and remuneration of Executive Directors; and
- The establishment and maintenance of appropriate ethical standards.
The operation and administration of the Company is supervised by the Directors, who are supported by senior professional staff. The Board ensures that the senior executive team is suitably qualified and experienced to discharge their responsibilities, and assesses on an ongoing basis its performance to ensure that management’s objectives and activities are aligned with the expectations and risks identified by the board.
The structure and management of the Board is described in the section entitled “The Board”.
The Board has established two committees to consider specific issues and report back to the full Board. These are the Audit Committee and the Remuneration Committee. Other committees may be convened as required.
The Board has established an Audit Committee, which operates under the terms of reference approved by the Board. It is the Board’s responsibility to ensure that an effective internal control framework exists within the entity. This includes internal controls to deal with both the effectiveness and efficiency of significant business processes, the safeguarding of assets, the maintenance of proper accounting records and the reliability of financial information.
The Committee also provides the Board with additional assurance regarding the reliability of financial information for inclusion in financial reports.
Appointments and Remuneration Committee
The Board has established an Appointments and Remuneration Committee, which operates under the terms of reference approved by the Board. The Appointments and Remuneration Committee is responsible for determining and reviewing compensation arrangements for the Directors themselves and for the senior executive team. It is the Company’s objective to provide maximum stakeholder benefit from the retention of a high quality Board and senior executive team by remunerating Directors and key executives fairly and appropriately with reference to relevant employment market conditions.
Communication to shareholders
The Board of Directors aims to ensure that the shareholders, on behalf of whom they act, are informed of all information necessary to assess the performance of the Company.
Independent Professional Advice
Directors have the right, in connection with their duties and responsibilities as directors, to seek independent professional advice at the Company’s expense.